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Guardforce AI introduced that it signed a non-binding letter of intent (LOI) to amass Shenzhen Kewei Robotic Expertise Firm Restricted, a Shenzhen Clever Guardforce Robotic Co subsidiary. The acquisition value and consummation of the acquisition are topic to the completion of Guardforce AI’s due diligence and an unbiased audit, in addition to a third-party valuation and equity opinion.
Guardforce AI plans to pay for the acquisition with 10% money and 90% widespread inventory of the corporate at a worth of no less than $1 per share. Throughout the subsequent few months, the corporate plans to enter right into a definitive buy settlement with Kewei Robotic.
Kewei Robotic makes a speciality of creating robotics software program options and robotics administration platforms, in addition to robotics gross sales and technical companies. The corporate gives a line of unmanned aerial autos (UAVs). It gives them below a Robots-as-a-Service (RaaS) mannequin.
“We’re thrilled to announce this proposed acquisition of Kewei, a professional Nationwide Excessive-tech Enterprise in China, which holds greater than a dozen robotics-related patents and greater than 40 copyrights to its proprietary software program. Its robotic options cowl quite a lot of recurring income streams resembling technical companies and robotics promoting,” Lin Jia, President of Guardforce AI, stated. “The RaaS platform presently operates roughly 65,000 robots that belong to Kewei, purchasers, and companions, of which greater than 40,000 are geared up with screens for promoting and interactive options. Kewei’s buyer base contains a powerful roster of Fortune 500 companies throughout numerous industries. In 2021, the unaudited Chinese language GAAP income for Kewei was roughly USD $15 million. General, we consider this proposed acquisition, together with Kewei’s extremely expert R&D workforce, sturdy robotics platform, operational expertise, in addition to its promoting and technical capabilities, present us a strong basis to additional develop our geographic footprint throughout China and different worldwide markets.”
Initially, Guardforce AI introduced an LOI to amass 12 of Kewei Robotic’s subsidiary firms, and earlier than that, it deliberate to amass seven of its subsidiaries. This new settlement supersedes and replaces each of those previous agreements.
“After conducting additional due diligence, it turned clear that buying Kewei itself, in comparison with buying solely the Kewei gross sales channel subsidiaries, would add each a premier roster of enterprise purchasers, in addition to superior applied sciences that we consider will assist to speed up our strategic enlargement inside the robotics trade worldwide. General, we stay centered on our aim to rework Guardforce AI into a number one built-in safety firm in AI and robotics.”
Guardforce AI is a worldwide built-in safety options supplier that focuses on creating robotic options and data safety companies.